MRF Limited — the tyre maker whose single share price can make even seasoned investors do a double-take — is back in focus on Friday, 19 December 2025, as the stock trades higher intraday amid a market still parsing the company’s latest earnings, dividend move, and the sector’s biggest variable: raw material costs.
As of 12:24 PM IST on 19-Dec-2025, MRF was quoted around ₹1,53,622 on BSE, up about 2.07% on the day. The session’s intraday range was roughly ₹1,52,260–₹1,55,385, keeping the stock within striking distance of its recent highs even after bouts of volatility earlier in the year. [1]
MRF stock today: price, market cap, and the levels traders are watching
MRF’s price action on 19 December matters for two reasons:
- It highlights how quickly sentiment shifts in a high-priced, relatively low-volume counter.
- It reflects how the market is balancing strong profitability in recent quarters against ongoing cost and competition concerns.
Key snapshot (midday, 19 Dec 2025):
- Price (BSE, ~12:24 PM IST): ~₹1,53,622 (+2.07%) [2]
- Market capitalisation: ~₹65,136 crore [3]
- 52-week high / low (as shown on the tracker page): ~₹1,63,500 / ~₹1,00,500 [4]
- P/E (TTM) and yield (indicative): P/E ~35, dividend yield ~0.15% [5]
Different market dashboards may show slightly different prints depending on whether they’re referencing NSE vs BSE and the timestamp, but the big picture is consistent: MRF is still trading in the ₹1.5 lakh zone, and the market continues to treat it as a “premium” auto-ancillary franchise — while arguing fiercely about how much premium is justified. [6]
The most important recent MRF news: Q2 FY26 results and interim dividend
The most market-moving company-specific development investors are still working through (as of 19 Dec) is MRF’s September-quarter (Q2 FY26) earnings and the interim dividend announced alongside those results.
According to the company’s regulatory filing details reported by ETMarkets:
- Consolidated net profit (Q2 FY26): ~₹526 crore, up about 12% YoY
- Revenue from operations: ~₹7,379 crore, up about 7.2% YoY
- EBITDA: ~₹1,234 crore; EBITDA margin: ~16.7% [7]
On dividends, MRF declared an interim dividend of ₹3 per equity share (face value ₹10). The record date was set as 21 November 2025, with payment scheduled on or after 5 December 2025. [8]
A separate local report also pointed to lower raw material costs as a key contributor to the quarter’s profitability improvement, while noting the seasonal pattern where Q2 sales are typically softer due to monsoons. [9]
A subtle but crucial detail: the “GST-led destocking” narrative
One phrase that keeps showing up in brokerage commentary around MRF’s Q2 is distribution/channel behaviour — specifically, how a tax-driven shift can temporarily distort demand visibility.
A brokerage note cited in a Financial Express report described a “temporary GST-led destocking impact on distributors” as one factor weighing on revenue performance versus expectations. [10]
This matters because the tyre business is not just about end-user demand; it’s also about what dealers and distributors choose to hold (or not hold) at any point in time.
Earlier FY26: why Q1 reminded investors about the rubber risk
If Q2 improved, Q1 delivered the opposite lesson: input costs can still bite.
Reuters reported that MRF’s first-quarter profit fell nearly 14% (quarter ended 30 June 2025), pressured by higher rubber costs. Net profit was reported at ₹4.84 billion versus ₹5.63 billion a year earlier, while revenue rose and expenses increased, including higher materials consumed. [11]
So the FY26 story so far (in simple terms) is:
- Q1: margin pressure from rubber
- Q2: relief helped profitability, but debate continues on demand quality and sustainability
Fundamentals that explain the “MRF premium” (and why the debate won’t die)
It’s tempting to treat MRF’s high share price as a curiosity. But the more relevant point is: the market is pricing in durability — leadership, distribution reach, and a revenue mix that can be more resilient than pure OEM-linked businesses.
A CARE Ratings note (September 2025) described MRF as the market leader in the domestic tyre industry and put its share of estimated industry unit sales at ~30%. [12]
It also highlighted MRF’s distribution depth: over 5,000 dealers (as of 31 March 2025), supporting a strong presence in the replacement market — the part of the tyre business that tends to be steadier and often more margin-supportive than pure OEM supply. [13]
On revenue mix, CARE’s commentary indicates roughly:
- Replacement: ~70%
- OEM: ~22%
- Exports: ~8% (FY25) [14]
And the FY25 financial scale is also evident in both the ratings note and the company’s own investor information:
- CARE’s brief consolidated financials show FY25 total operating income ~₹28,163 crore and PAT ~₹1,869 crore. [15]
- MRF’s published 10-year financial summary shows FY25 revenue from operations ~₹28,153 crore and profit after tax ~₹1,869 crore (consolidated). [16]
That combination — scale, leadership, and replacement-heavy mix — is why MRF often commands attention even when it’s not delivering headline-grabbing corporate actions.
The big swing factor: raw materials (rubber + crude derivatives)
Tyre manufacturing is basically chemistry, logistics, and pain management — where the pain is often commodity volatility.
CARE notes that raw material costs (including natural rubber and crude-linked inputs like synthetic rubber, carbon black, and chemicals) can account for ~60–65% of total cost, making profitability highly sensitive to input prices. [17]
That sensitivity is not theoretical. Reuters reported earlier that global natural rubber production is expected to fall short of consumption for the fifth consecutive year in 2025, according to ANRPC, a dynamic that can support firmer prices and raise tyre makers’ costs. [18]
This is one reason MRF investors track rubber almost the way airline investors track crude oil: it’s not the whole story, but it’s often the loudest lever on margins.
Analyst forecasts and targets: a wide range, and a valuation argument at the centre
MRF is a stock where forecasts often diverge because the debate isn’t about whether the company is “good.” It’s about how much is already priced in.
Bear case spotlight: Motilal Oswal’s “Sell” and a steep downside target
A Financial Express report on a Motilal Oswal view flagged a ‘Sell’ call with a target of ₹1,21,162 — roughly a 23% downside from then-current levels. The rationale cited included:
- Valuation multiples seen as stretched versus longer-term averages
- Concerns around revenue performance (including the distribution destocking effect)
- A view that earnings growth may not justify the premium valuation [19]
Notably, that same report also referenced concerns about competitive positioning in key categories like PCR (passenger car radial) and TBR (truck and bus radial) and the potential impact on pricing power over time. [20]
Bull case spotlight: CLSA’s Outperform call (earlier in 2025)
On the other side, an ETMarkets report earlier in 2025 cited CLSA reiterating an ‘Outperform’ stance and raising its target to about ₹1,68,426, implying meaningful upside from the then-prevailing levels. [21]
What “consensus” looks like (and why it can mislead)
Aggregated broker dashboards show mixed sentiment. For instance, Investing.com’s snapshot lists a “Sell” consensus (based on the platform’s compiled analyst inputs) with an average target around the mid-₹1.4 lakh range. [22]
The important caveat: MRF doesn’t always have broad, high-frequency coverage compared with mega-cap banks or IT names. With thinner coverage, “consensus” can swing based on a small number of updates.
Technical and trading view for 19 December 2025: momentum, but watch “overbought” signals
For short-term traders, MRF’s story on 19 December is also technical:
- Some indicator dashboards flag overbought conditions (for example, RSI readings above the typical 70 threshold). [23]
- Classic support/resistance frameworks put nearby levels tightly clustered around the ₹1.52–₹1.54 lakh zone (levels vary by method and timestamp). [24]
What that translates to in practice: MRF can keep grinding up, but it may also deliver sudden air pockets if broader markets wobble or if rubber prices spike again.
Corporate filings and “non-price” updates: why a small disclosure can still matter
Away from earnings, one recent disclosure visible on market trackers relates to re-lodgement of transfer requests of physical shares (a process issue rather than an operating catalyst). [25]
This sits in the broader context of SEBI’s special window for re-lodgement of certain physical share transfer requests (a regulatory step aimed at easing legacy transfer issues and pushing dematerialisation). [26]
For most investors, this isn’t a valuation driver — but it’s a reminder that India’s markets are still finishing the long transition away from physical share friction.
Does MRF ever split its stock? The question that never leaves the room
MRF’s extreme per-share price is also reinforced by the simple fact that stock splits are not a routine feature in its recent corporate action history on widely used market trackers. [27]
A stock split doesn’t change fundamentals — but it can change liquidity and retail accessibility. That’s why the topic stays evergreen, even when there’s no active proposal.
What could move MRF stock next: the practical watchlist for investors
As of 19 December 2025, the forward-looking checklist for MRF investors tends to boil down to a handful of drivers:
1) Rubber and crude-linked inputs
Raw materials are a dominant cost line in tyres, and the global supply-demand balance for natural rubber remains a key macro variable. [28]
2) Replacement vs OEM demand quality
MRF’s heavy replacement mix can stabilise revenue, but any sustained disruption in channel behaviour (inventory cycles, pricing expectations, tax changes) can cloud near-term momentum. [29]
3) Competitive intensity and pricing power
Some broker commentary has explicitly pointed to competitive pressure in PCR/TBR categories and potential pricing power dilution as a risk. [30]
4) Currency movement
With meaningful import requirements for raw materials referenced in credit commentary, FX volatility can flow into margins. [31]
5) Valuation
Even bulls and bears often agree on one thing: the “easy” part of MRF is understanding the business; the hard part is deciding what multiple you’re willing to pay for it. [32]
Bottom line (as of 19 December 2025): MRF stock is trading higher intraday around the ₹1.53 lakh mark, with investors still digesting a Q2 profit improvement and dividend announcement, while keeping one eye on rubber prices and another on valuation arguments that remain sharply divided across brokerages. [33]
References
1. www.business-standard.com, 2. www.business-standard.com, 3. www.business-standard.com, 4. www.business-standard.com, 5. www.business-standard.com, 6. www.investing.com, 7. m.economictimes.com, 8. m.economictimes.com, 9. timesofindia.indiatimes.com, 10. www.financialexpress.com, 11. www.reuters.com, 12. www.careratings.com, 13. www.careratings.com, 14. www.careratings.com, 15. www.careratings.com, 16. www.mrftyres.com, 17. www.careratings.com, 18. www.reuters.com, 19. www.financialexpress.com, 20. www.financialexpress.com, 21. economictimes.indiatimes.com, 22. www.investing.com, 23. www.investing.com, 24. www.motilaloswal.com, 25. www.business-standard.com, 26. www.sebi.gov.in, 27. www.moneycontrol.com, 28. www.careratings.com, 29. www.careratings.com, 30. www.financialexpress.com, 31. www.careratings.com, 32. www.financialexpress.com, 33. www.business-standard.com
